Parent Security and FHOG - Qld

Hi all,

Our mortgage broker has sent us some forms to sign - a stat dec about the fact that we are using the equity from our parents house as security against our home loan.

We had been told that this did not effect our eligibility to get the FHOG in QLD. None we have this very badly worded email from the mortgage broker saying 'it does count as financial help' but not clarifying our concerns that we now may be ineligible.

I can't find any concrete info online and we tried calling the mortgage broker but no answer. Given our situation of using parent equity as security - are we still eligible for the FHOG in QLD?

Thanks!

Hi RachM,

Are they guarantors here putting the property up along with yours, or are they also going to be on the loan/title as well as borrowers?

If guarantors, then no issue, you are still eligible for FHOG, if they are borrowers then not as they already own a property.

Cheers,

Tom

Thanks Tom for the reply.

They are just guarantors- just providing security. Not on the loan or title. We expect to pay their part of the security off in 3 years.

Hi RachM,

In that case still eligible for FHOG. Don't understand why the broker is asking for a stat dec from them though, I would have thought that the guarantors would be signing forms from the actual lender themselves as part of the application about being the guarantor?

Cheers,

Tom